Reporting financial institution information rules set account data, due diligence, and annual statement obligations for reportable accounts.

Reporting financial institutions must maintain and report identifying details, account data, balances, income, proceeds and specified payments for each reportable account, with additional information for entity accounts, controlling persons, joint accounts and, in non-U.S. reportable accounts, account type and pre-existing or new status. The rule also defines account holder and taxpayer identification number, sets exceptions for missing taxpayer identification numbers, date of birth and place of birth, and prescribes the manner, form and timing for furnishing the annual statement, including nil statements where no reportable account is identified.

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